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Shareholders warn Putin over handling of Yukos

INSTITUTIONAL investors with shares in Yukos have warned President Vladimir Putin that lack of transparency in the investigation into the oil giant is damaging investor confidence in Russia.

In a letter sent last week, 11 fund managers, including Axa Investment Managers, T Rowe Price, Janus and Prosperity Capital, criticised the Russian government’s handling of the investigation and demanded a meeting to discuss their concerns.

The letter said: “We have purchased Yukos shares in good faith and we would like the Russian government to know that the effective expropriation of our investment in the company would cast a great doubt on the security of private property and investors’ rights in Russia.”

The letter was sent as Mikhail Khodorkovsky, 41, majority shareholder and fallen head of Yukos, continued in Moscow. Speaking on Friday for the first time since his arrest in October, Khodorkovsky pledged to prove he is innocent of defrauding the